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How the car buying process has changed in 2023 Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering you interactive financial calculators and tools that provide objective and original content, by enabling you to conduct research and compare data for free and help you make sound financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site come from companies who pay us. This compensation can affect the way and where products are displayed on the site, such as the order in which they may be displayed within the listing categories in the event that they are not permitted by law. This applies to our mortgage or home equity products, as well as other products for home loans. This compensation, however, does not influence the information we publish, or the reviews appear on this website. We do not contain the entire universe of businesses or financial offerings that could be open to you.
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5 min read Published January 26, 2023
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of using loans to buy an automobile.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate from late 2022. He is a fan of clear reporting that helps readers confidently get deals and make best decisions for their financials. He specializes in auto and small business loans.
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Buying a car can be the second largest purchase most people make in their lives. The process of securing this expensive item is typically a difficult experience, involving a lot of stress and waiting at the dealership lot. In the wake of the new norm the pandemic brought, a lot of dealers are embracing the and making it easier to purchase experience. The car buying process in 2023 is fraught with and supply chain issues keeping costs high. As consumers, it’s important to use the shifting purchasing process of cars in your favor. Consider the following ways that buying a car could be different over the coming year, for both the car owner and the seller. What can you expect when buying an automobile this year. As we approach 2023, it is difficult to stay clear of news of a looming recession. Economic experts believe that the economy has an 85% chance of experiencing a recession this year, found. Although the likelihood of a recession may not be directly related to a customer’s experience on the lot, expensive prices at the dealer could cause additional discomfort when purchasing the next car. The month of December saw yet another record-breaking transaction price for new vehicles of $49,507 as reported by . But the future is not all gloom and doom, as dealers are taking note of the threatening macro-environmental trends. Bankrate interviewed Dave Thomas, director of content marketing and an automotive sector analyst with CDK Global, for insight on upcoming trends this year. Vehicle price remains paramount If you’re shopping for a vehicle for this coming year, youlike the majority of buyers, according to the — could be using price as the main consideration. While the time commitment to purchase a car is a factor for the other 50% of respondents the most significant factor is price. This year is likely to be a bit of a roller coaster ride for motorists, according to Thomas. “For buyers, the main focus will be on interest rates and how to find one that fits the budget of theirs,” he explains. This “could make the process a bit harder than it was previously due to the lower inventory.” If you are shopping, make sure to consider multiple financing options to ensure that you get the most favorable deal, even with higher costs and higher interest rates. Bankrate’s tip
When , consider the whole of the amount you’ll have to cover — more than just your monthly cost.
The inventory is low. When consumers set out to a dealership they have an idea of the type of vehicle they’d like to buy. However, many buyers have discovered no inventory of the dream cars they’ve always wanted. During CDK’s six-month , “the number of shoppers finding the vehicle they are looking for in stock has not broken 50,” says Thomas. In addition, inventory is down compared to 2019. While conditions are improving, inventory remains low as per J.D. Power. The lack of inventory has also led to an increase in customers who do not visit the dealership at all. “Some brands are seeing inventory returning, but almost all have a distinct number of cars are on the lot,” Thomas says. This “led to an increase in people buying cars from the factory , with the transaction being handled by the dealership.” There are more options for buying online will increase. The traditional purchase of a car hasn’t received any major changes in the last few years, and customers are used to the long-winded process of buying a new or used car from a dealership. The move to purchasing cars online isn’t something that’s completely new. A lot of local dealers have offered online marketplaces for customers to look at their inventory prior to arriving on the showroom. However, the car buying experience has become much more thorough in recent times. The break many drivers have taken from the car purchasing process due to the cost also means that many need more information when they shop. So while online shopping is growing, Thomas explains that “76 percent of those we surveyed said they wanted to spend time trying to understand all of the options available,” this is an increase from 70 percent in 2021 according to the 2023 . If you’ve been one of the drivers that did not get on the roads in the past year due to steep prices, take comfort in the flexibility offered by this model. Dealerships will remain in operation. the traditional dealership isn’t going to be obsolete anytime soon, but it has experienced shifts following the pandemic. A lot of drivers are taking advantage of online shopping, especially when local dealers have empty areas. Yet 91% of consumers still took the traditional route when buying a car in the last year, as per the CDK survey. It is also interesting to note that 9 percent of those who completed their car buying experience completely online did not score the experience very highly. This is why it is wise not to miss the real-world experience that offers. But many dealerships are offering an ideal mix of worlds approach with the option to start online and finish at the location. Thomas explained the switch. Many legacy automakers are “streamlining the process online and trying to make the change from making part of the process online to a seamless one in the car.” Drivers are benefiting by being able to work the numbers at the convenience of home but still get behind-the-wheel experience prior to signing the papers. There are four ways to utilize the internet to your advantage. Online car buying is still relatively new, and will require some learning. Although some of the advice is in line with conventional car buying, you should consider these guidelines when you’re avoiding the showroom floor. 1. If you are able to research in person, or not conducting research to discover is the initial step in the car-buying process. Think about what aspects are important to you the most such as the size of the vehicle, fuel economy or even the design and color. While you might not be able to tour the new car personally, YouTube car tours are a great resource to see the specifics a vehicle offers. 2. Make a budget. Once you’ve decide on the kind of car you’d like, it’s essential to know how much you’re willing to spend and . This requires more effort, but it’s simpler without the pressure of a salesperson hounding you. Make the most of your time at there at home and take into account the various factors that contribute to your decision including your earnings, fuel, insurance and other vehicle expenses. 3. Find local inventory Another benefit of shopping for your car on the internet is the ability to verify local inventory prior to making a visit to the dealership. This can be done by a variety of methods. Look at certain dealers in your region Search such as “Toyotas available close to me” or use websites like Edmunds and TrueCar. This can also assist in understanding the price landscape for your dream car. 4. Chat online with salespeople Negotiation is among the most daunting aspects of the car-buying experience, but when you’re sitting in front of a computer it’s much simpler to haggle for the price you deserve. Most of the online marketplaces that you’ll encounter have a chat option. Make use of this feature to ask the right questions. Be firm, and provide information when you look up local inventory for the various prices. The bottom line is clear the car-buying experience has shifted for both the dealer as well as buyers over the last few years because of a mix of factorsincluding global pandemic, inflation problems, supply chain challenges and growing technology. However, it’s important to be aware that a re-design of the business is taking place which is bringing greater transparency and accessibility to the driver. So even though it is unlikely that car lots will disappear completely, consider shopping online to potentially save time and money.
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of using loans to buy a car.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since the end of 2022. He values the clarity of his reporting, which helps readers confidently land deals and make the most informed decisions regarding their money. He specializes in small and auto loans.
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